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Repeating someone else? I must be getting old... :)
Please let me know when I begin to repeat myself.
jose '-)
--- In equismetastock@xxxxxxxxxxxxxxx, "metastkuser" <andysmith_999@xx
..> wrote:
>
>
> Dear Jose,
>
> Your post is essentially a repeat of Super's...
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "Jose" <josesilva22@xxxx>
> wrote:
> >
> >
> > Superfragalist's lively post below encapsulates some of the most
> > important and basic ideas (and traps) about successful trading,
> with
> > regards to developing a suitable strategy to the individual
trader.
> > It's a pity that this excellent post will get buried under the 99%
> of
> > rubbish to follow.
> >
> > Curve-fitting to past results, looking for this or that indicator
> that
> > will make us into a mega-trader, in short, looking for the edge in
> the
> > details - all this and more is akin to looking for that oil well
> under
> > every pebble on a desert landscape.
> >
> > Post Q:
> > "Anyone know if there could be any oil under there small stones
> shaped
> > like a pretzel? What would be the best size/ratio/parameters for
> them
> > pebbles?"
> >
> > Reply:
> > "Hey Joe, I've run my MetaExplorer Percolator XVI through my
> > historical database, and just found that 100 billion barrels of
oil
> > previously discovered had pea-shaped stones on top of it! Forget
> > pretzels man - look under peas, small longish ones..."
> >
> >
> > Take the sharp advice from Superfragalist while it lasts.
> > Take the time to read this great advice:
> > http://www.elitetrader.com/tr/index.cfm?s=17
> >
> > There are no short-cuts to successful trading strategy
development.
> > The most successful trader in the world could give us all his
> secrets,
> > and we wouldn't know what to do with this easily-acquired wisdom.
> >
> > Don't be lazy, don't waste time on short-cuts, do the work, dig
> deeper
> > than the parameters/indicators/etc, and you *may* just be on your
> way
> > to a chance to make it, and perhaps even strike wealth as a side
> > benefit.
> >
> >
> > jose '-)
> >
> >
> > From: superfragalist
> > Date: Thu Oct 21, 2004 3:32 am
> > Subject: System Tester, Number of Bars, and Trading Systems
> >
> >
> > Your questions are typical of people who want to be traders. These
> > are the most frustrating questions there are to answer, and
frankly
> > in my experience a total waste of time to answer. (Sorry boys,
> that's
> > been my experience!)
> >
> > Research done by the SEC and academics have concluded that 95% of
> all
> > traders lose money. Now why is that? Is it because they don't have
> > good systems? Or they didn't read the one right trading book? Or
> they
> > didn't ask the one key question on this site? Or maybe they're
just
> > dumb. No, it's because trading is a business and 95% of the people
> > who get into any business have no idea how to run it, especially
one
> > like this one.
> >
> > A lot of people confuse part time trading with having a hobby.
When
> > you have a hobby, you aren't doing it to make money. When you
start
> > trying to make money with it, it's no longer a hobby--it's a part
> > time business.
> >
> > I posted a reference to a group of articles by Charlie Wright that
> > explains very clearly how to develop a trading system, how to use
it
> > and how to make money trading.
> >
> > A total of probably 5 people bothered to read even one of the
> > articles, much less all of them. And the 5 people who read them
are
> > the very people who don't need to read them.
> >
> > Here's the reference again.
> >
> > http://www.elitetrader.com/tr/index.cfm?s=17
> >
> > These articles will fill you in on the fundamentals of developing
a
> > trading strategy for all ten of your stocks. It's a good place to
> > start. From there you only have another 100 or so books to read, 5
> > years of applying what you've learned, and a lot of tuition to
> > graduate school in trading, and then you've arrived---or you've
lost
> > your capital and found a new hobby.
> >
> > The debates on this site are nearly worthless, just like that last
> > discussion on the number of bars to test. You have no idea if the
> > opinions being expressed are backed up by knowledge and
experience,
> > or if, like most opinions, they're just hot air. No one has to
post
> > their trading resumes. Just because someone is say an engineer, or
a
> > Ph.D., or Albert Einstein that doesn't mean they know squat about
> > trading quarters with their grandmother.
> >
> > The vast majority of opinions aren't backed up by anything like
> > knowledge or experience. Opinions are cheap, success is expensive.
> >
> > People post questions pleading with someone to give them some
little
> > piece of code. They don't have time read the manual, study the
> > formula primer or learn how to do things for themselves, because
if
> > they just had this one piece of code they could make money
trading,
> > and after all, that's all they want to do. Those suckers are the
> > worst of the lot. Don't be one of them.
> >
> > There is an individual trading system for every person who becomes
a
> > successful trader. For those who survive long enough, it's arrived
> at
> > through education, trial and error, countless hours of work, and
> some
> > luck. No single trading system works for every person. You notice
I
> > didn't say there is no single trading system that works for every
> > stock. The trading system is about the person using it, not the
> > symbol it's applied to. A trading system is only one part of a
> > trading strategy. Most want-ta-be's never get far enough to even
get
> > close to having a trading strategy.
> >
> > If you read Wright's articles, you'll find out that a trading
> > strategy is not, "I'm going to trade breakouts based on the price
of
> > spam tomorrow." Far from it. Just that one little piece of
knowledge
> > will put you ahead of most of the pack.
> >
> > Nearly everyday I talk to successful traders and systems
developers
> > and some of them are doing just the opposite of what I'm doing.
The
> > only thing we're both doing is making money, and have for a long
> > time. Neither of us tries to convince the other one we're right.
> >
> > The bottom line is, whether you're trading 1 stock or 500 stocks,
> > it's a business. Learn the business. It's a brutal business. There
> > are more people selling information on how to trade successfully
> than
> > there are successful traders. That ought to give you a clue.
> >
> > Just remember, if some simple system, formula, charting technique
or
> > whatever worked really well, everyone would be doing it, and
they're
> > not.
> >
> > The magic is in the way the system fits you. That's it. That's the
> > secret.
> >
> > Read the articles and start learning how to tailor a suit of
clothes
> > that fits you and you alone, not your ten stocks.
> >
> > If things don't work out, buy a copy of The Four Pillars of
> Investing
> > by William Bernstein. It's the best buy and hold book ever
written.
> >
> > And please remember, if you're going to lose your money, at least
> > have some fun while you're doing it!
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